US First-Quarter GDP, Core Inflation Revised Higher

A woman shops at a grocery store in Columbia, Md., on May 17, 2023. Madalina Vasiliu/The Epoch Times

The U.S. economy expanded slightly faster in the first quarter than previously projected, the Bureau of Economic Analysis (BEA) reported.

According to the second estimate published on May 25, the gross domestic product (GDP) climbed at an annualized rate of 1.3 percent in the first three months of 2023, up from the advance estimate of 1.1 percent. However, this is still down from the 2.6 percent expansion in the fourth quarter and below economists’ expectations.